The initial public offering (IPO) of Gaudium IVF & Women’s Health began on 20 February 2026 and will continue until 24 February 2026. The company aims to raise Rs 165 crore, with Rs 75 crore through Offer for Sale (OFS) and Rs 90 crore via fresh equity issuance. The IPO price band has been set between Rs 75 and Rs 79 per share, and the issue is slated for listing on both the BSE and NSE.
The allotment is expected to be finalised on February 25, 2026, with the shares tentatively scheduled to list on BSE and NSE on February 27, 2026.
The IPO price band is set between Rs 75 and Rs 79 per share, with a lot size of 189 shares. Retail investors will need a minimum investment of Rs 14,931 (189 shares at the upper price band). For sNII (small non-institutional investors), the lot size is 14 lots (2,646 shares), amounting to Rs 2,09,034, while for bNII (big non-institutional investors), the lot size is 67 lots (12,663 shares), amounting to Rs 10,00,377.
Sarthi Capital Advisors Pvt. Ltd. is the Book Running Lead Manager, and Bigshare Services Pvt. Ltd. is the Registrar for the issue.
Grey Market Shows Positive Signals
The last Grey Market Premium (GMP) for Gaudium IVF’s IPO was Rs 7.5, as of February 23, 2026, 10:55 am. With a price band of Rs 79.00, the IPO’s estimated listing price is Rs 86.5 (cap price plus today’s GMP). This implies an expected gain of 9.49 per cent per share.
Subscription Status
Gaudium IVF’s IPO was subscribed 1.88 times overall. As of February 23, 2026, 12:04:36 pm (Day 2), the public issue saw subscriptions of 2.71 times in the retail category, 0.01 times in the QIB (excluding anchor investors) category, and 2.45 times in the NII category.
Company Strengths Support Long-Term Growth
Gaudium IVF’s business model benefits from predictable revenue generated by IVF cycle volumes and comparatively high gross margins typical of assisted reproductive technology (ART) procedures. As centres mature, EBITDA margins are expected to improve due to higher throughput and better absorption of fixed costs. The company maintains an asset-light structure, supporting controlled capital expenditure, strong returns, and manageable leverage. Analysts highlight that this approach positions Gaudium IVF for sustainable cash flow growth as utilisation rises. The IPO is priced at a P/E ratio of 25.3x on the upper end of the band, based on FY25 earnings, leading experts to recommend a “SUBSCRIBE” rating.
